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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk112 | uthority . ( Act No. 37 of 2011 , s. 8, Act No. 38 of 2016 , s. 73.) 20. Application for securities exchange , commodities exchange approval (1) An application for securities exchange , commodities exchange or derivatives exchange approval shall be made to the Authority in the form and manner prescribed by the Authorit... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk113 | hority ; (b) that the applicant’s board of directors is constituted in a manner prescribed by the Authority ; (c) the applicant has made and adopted rules in compliance with the Act and any Regulations made thereunder. (3) Deleted by of Act No. 10 of 2010 , s. 47(b) . (4) The directors of a securities exchange , commod... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk114 | d by a securities exchange , commodities exchange or a derivatives exchange shall be subject to prior approval by the Authority notwithstanding the constitution of such securities exchange . (7) An approved securities exchange , commodities exchange or a derivatives exchange shall comply with all requirements of the Au... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk115 | maintaining its licence . ( Act No. 10 of 1994 , s. 4, Act No. 3 of 2000 , s. 14, Act No. 10 of 2010 , s. 47, Act No. 37 of 2011 , s. 9, Act No. 48 of 2013 , s. 11, Act No. 38 of 2016 , s. 74.) 21. Changes in securities exchange , commodities exchange rules (1) The rules of an approved securities exchange , commoditie... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk116 | shall forward the amendments to the Authority for approval. (3) The Authority shall, after hearing from the securities exchange , commodities exchange or a derivatives exchange , and within thirty days of receipt of a notice under subsection (2) give written notice to the securities exchange , commodities exchange or a... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk117 | ated by the exchanges as— (a) a stated policy, practice or interpretation with respect to the meaning, administration or enforcement of an existing rule; (b) a proposal establishing or changing a fee or other charge; or (c) a proposal dealing solely with the administration of the exchange or other matters which the Aut... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk118 | undergo the procedure prescribed in subsection (3) except that the summary abrogation shall not effect the validity of the rules while in force nor shall it be subject to appeal. (6) Where an approved securities exchange , commodities exchange or a derivatives exchange proposes to alter any particulars already furnish... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk119 | exchange may make rules for the carrying out of its functions and, in particular, for the regulation of its activities, products, systems and fees. ( Act No. 48 of 2013 , s. 13.) 21B. Submission of rules to Authority Not less than thirty days prior to the proposed date of introduction of the rules made under section 21... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk120 | made under section 21A if there exists risks that have not been adequately mitigated in the rules. ( Act No. 48 of 2013 , s. 13.) 22. Disciplinary action by securities exchange (1) Where a securities exchange or a derivatives exchange reprimands, fines, suspends or expels, or otherwise takes disciplinary action against... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk121 | section (1) and, on its own motion, or in response to the appeal of an aggrieved person, may affirm or set aside a securities exchange or derivatives exchange decision after giving the trading participant or the company and the securities exchange or derivatives exchange an opportunity to be heard. (3) Nothing in this ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk122 | ive such persons and the exchange an opportunity to be heard. ( Act No. 10 of 2010 , s. 48, Act No. 48 of 2013 , s. 14.) 22A. Directions to a securities exchange , commodities exchange and a futures exchange (1) The Authority may, by notice in writing, issue a general or specific direction to a securities exchange , co... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk123 | es contracts or securities transactions; (iii) the integrity and proper management of systemic risks in securities markets, commodities markets or derivatives market; or (iv) a fair and proper governance structure of the securities exchange , commodities exchange or derivatives exchange ; (b) in the interest of the pub... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk124 | of those securities transactions or exchange-traded derivatives contracts; (b) the trading or the termination of trading on or through the facilities of that securities exchange , commodities exchange or derivatives exchange ; (c) the manner in which a securities exchange , commodities exchange carries on its business,... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk125 | of securities and futures exchanges (1) The Authority may, where— (a) there is in place, an act of Government affecting securities or commodities; (b) there is a major market disturbance which prevents the market from accurately reflecting the forces of supply and demand for such securities or commodities; (c) there is... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk126 | — (i) maintain or restore the fair, efficient and transparent trading in securities or any class of securities or exchange-traded derivatives contracts or any class of exchange-traded derivatives contracts; or (ii) liquidate any position in respect of any securities or any class of securities or exchange-traded derivat... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk127 | or derivatives market or trading of a specific security; (c) confining trading to liquidation of securities or exchange-traded derivatives contracts' positions; (d) ordering the liquidation of all positions or part thereof or the reduction in such positions; (e) limiting trading to a specific price range; (f) modifying... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk128 | contracts or any class of exchange-traded derivatives contracts; (j) requiring margins or additional margins for any securities or exchange-traded derivatives contracts; and (k) modifying or suspending any of the rules of a securities exchange or a derivatives exchange . (3) Where the Authority suspends trading under s... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk129 | g that the suspension has expired, or proceed to cancel the securities exchange or the derivatives exchange license, as the Authority considers appropriate. (4) Where a securities exchange or a derivatives exchange fails to comply with a direction of the Authority within the time specified in the notice issued under su... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk130 | or (c) take such other action as the Authority may consider necessary to maintain or restore fair, efficient and transparent trading in any securities or class of securities or exchange-traded derivatives contracts or class of exchange-traded derivatives contracts, or liquidation of any position in respect of exchange-... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk131 | es exchange without the written approval of the Authority to trade in such exchange-traded derivatives contracts. (2) The Authority may grant approval for the trading of an exchange-traded derivatives contract on the derivatives market established or operated by the derivatives exchange subject to such conditions or re... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk132 | s that it would be contrary to the interests of the investing public to permit the trading in that exchange-traded derivatives contract to continue. (4) The Authority shall not withdraw its approval under subsection (3) without first giving the derivatives exchange an opportunity to be heard. (5) An exchange-traded der... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk133 | limits in futures contracts (1) The Authority may, for the purpose of preventing, diminishing or eliminating excessive speculation in any commodity under an exchange-traded derivatives contract, by notice in writing, from time to time, fix such limits as the Authority considers necessary on the amount of trading which ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk134 | trading fixed by the Authority under subsection (1) shall apply to positions held by, and trading done by two or more persons acting in accordance with an express or implied agreement or understanding, as if the positions were held by, or the trading done by a single person. (3) A person shall not, directly or indirec... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk135 | ntrol a gross buy or sell position under an exchange-traded derivatives contract traded on the derivatives market of or subject to the rules of a derivatives exchange in excess of any position limit fixed by the Authority . (4) Nothing in this section shall preclude the Authority from— (a) fixing different trading or p... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk136 | precedence over laws of insolvency The provisions in respect of a default process and the precedence of the default process over the laws of insolvency in relation to a central depository under the Central Depositories Act ( Cap. 485C ) shall apply to a clearing house of a securities or a derivatives exchange . ( Act N... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk137 | forex broker , commodity dealer , commodity broker or hold himself out as carrying on such a business unless he or she holds a valid licence issued under this Act or under the authority of this Act. (2) No person shall carry on or hold himself out as carrying on business as a securities exchange , commodities exchange... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk138 | pay an annual fee to the Authority at such rate as the Authority may prescribe. (4) Nothing in this section shall be construed as limiting the powers of the Authority to approve or license any other person operating in any other capacity which has a direct impact on the attainment of the objectives of this Act. ( Act N... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk139 | mpanied by the prescribed fee and in the case of an application for the renewal of a licence , may be made within three months but not later than one month prior to the expiry of the licence . (2) The Authority may require an applicant to supply such further information as it considers necessary in relation to the appl... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk140 | a licence holder, vary any condition or restriction or impose further conditions or restrictions. (5) The Authority shall not refuse to grant a licence without first giving the applicant or holder of a licence an opportunity of being heard. (6) Deleted by Act No. 48 of 2013 , s. 17(b) . (7) A license granted under this... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk141 | and subject to compliance with any conditions imposed by the Authority . ( Act No. 3 of 2000 , s. 16, Act No. 9 of 2007 , s. 49, Act No. 8 of 2008 , s. 54, Act No. 48 of 2013 , s. 17.) 24A. Criteria for suitability (1) The Authority shall, in determining if a person is suitable for the grant of a licence under this Ac... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk142 | or regulator; (d) ability of the person to carry on the regulated activity competently, honestly and fairly; and (e) reputation, character, financial integrity and reliability— (i) in the case of a natural person, of that individual; or (ii) in the case of a company , of the company chairperson, directors, chief execut... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk143 | of any law, in Kenya or elsewhere, designed for the protection of members of the public against financial loss due to dishonesty, incompetence, or malpractice by persons engaged in transacting with marketable securities ; (ii) was a director of a licensed person who has been liquidated or is under liquidation or statut... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk144 | s practice which casts doubt on the competence or soundness of judgment of that person; or (v) has acted in such a manner as to cast doubt on the person's competence and soundness of judgment; (b) take into account any information in the possession of the Authority , whether provided by the applicant or not, relating t... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk145 | der or key personnel of the company or any company referred to in subparagraph (a) ; (c) take into account whether the applicant has established effective internal control procedures and risk management systems to ensure its compliance with all applicable regulatory requirements; and (d) have regard to the state of aff... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk146 | hich is the holding company of the others. ( Act No. 35 of 2012 , s. 6.) 25. (Repealed by Act No. 48 of 2013 , s. 18.) 25A. Imposition of additional sanctions and penalties (1) Without prejudice to any other provision of this Act, the Authority may impose the following sanctions or levy financial penalties in accordanc... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk147 | director of a issuer as provided under section 11(3)(cc) — (a) with respect to a licensed person , issuer, securities , commodities or derivatives exchange or other approved person— (i) a public reprimand; (ii) suspension in the trading of an issuer’s securities , commodities or derivatives for a specified period; (iii... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk148 | lties not exceeding ten million shillings; (vii) revocation of the licence of such person; (b) with respect to an employee of a licensed or approved person, including a securities , commodities or derivatives exchange — (i) require the licensed or approved person to take disciplinary action against the employee; (ii) d... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk149 | e levying of financial penalties not exceeding five million shillings; (c) with respect to a director of a issuer or a licensed or approved person, including a securities , commodities or derivatives exchange — (i) disqualification of such person from appointment as a director of an issuer or licensed or approved perso... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk150 | ) The financial penalties and recoveries set out under paragraphs (1)(a)(v) and (vii) , (1)(b)(iii) and (iv), (1)(c)(ii) and (iii), (2) and (6) shall be recoverable summarily by the Authority as civil debts. (2) In addition to any other sanction or penalty that may be imposed under this section, the Authority may make ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk151 | e loss is quantified and proved to the Authority by the person making the claim; and (b) that notice is served by the Authority on the person expected to make the restitution, containing details of the amount claimed and informing them of their right to be heard. (4) The Authority shall, in its annual report, publish t... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk152 | gent , employee or any other person acting as such. (6) The financial penalties with respect to— (a) a breach of trading rules of a securities exchange by a licensed person shall be double the brokerage commission payable to the licensed person on the relevant trade, or double the annual fees, whichever is higher; (b) ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk153 | e and ensure compliance with this Act and the rules of the exchange as approved by the Authority , shall be equal to the annual license fee of the securities exchange . ( Act No. 9 of 2007 , s. 50, Act No. 8 of 2008 , s. 55, Act No. 48 of 2013 , s. 19, Act No. 38 of 2016 , s. 78, Act No. 15 of 2018 , s. 7, Act No. 23 o... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk154 | ctivity outside the scope of the licensed or approved activities; (c) has a receiver or a manager appointed on all or a substantial part of the property of the company ; (d) ceases to carry on the licensed business for a period of more than thirty days unless it has obtained the approval of the Authority to do so; (e) ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk155 | ation as it may require; (i) provides false or misleading information; (j) for any other reason, is no longer fit and proper person to hold a license; or (k) is in breach of any other provision under this Act. (2) A suspension of a license under this section shall not exceed a period of three months: Provided that the ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk156 | n fails to pay the prescribed annual fee, the license held by such licensee shall be considered suspended. (5) Where a licence is suspended under subsection (4) , and the licensee has not paid the prescribed fee within thirty days after the day on which the suspension takes effect or such further period as the Authorit... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk157 | 25 and 26 , give the person affected by such action an opportunity to be heard. ( Act No. 3 of 2000 , s. 18, Act No. 2 of 2002 , Sch, Act No. 48 of 2013 , s. 20.) 26A. Effect of revocation of a licence (1) A restriction, suspension or revocation of a licence under section 26 , shall not— (a) void or affect an agreement... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk158 | ce has been restricted, suspended or revoked under this Part, by notice in writing— (a) require the licensed person to transfer to its client, records relating to client property or the affairs of the client held at any time for the client, in such manner, as the Authority may specify in the notice; or (b) permit the l... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk159 | tions for the purpose of closing down the business connected with the revocation. ( Act No. 48 of 2013 , s. 20.) 27. Register of licence holders (1) The Authority shall— (a) before the thirtieth day of April in each year, cause the names and addresses of all persons licensed or approved to be published in the Gazette ;... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk160 | icence — (a) his name; (b) the address of the principal place at which he or she carries on the licensed business; and (c) the name or style under which the business is carried on if different from the name of the holder of the licence . ( Act No. 3 of 2000 , s. 19, Act No. 2 of 2002 , Sch., Act No. 48 of 2013 , s. 21.... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk161 | thin fourteen days of the occurrence of the event concerned, give to the Authority , particulars of such event. ( Act No. 3 of 2000 , s. 20.) 29. Licensing requirements (1) Before granting any licence or approval, the Authority in respect of a business that requires to be licensed or approved shall satisfy itself— (a) ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk162 | upervises the business of the applicant has satisfied such minimum qualification requirements as may be prescribed; (d) in the case of a stockbroker , dealer or other person prescribed by the Authority that the applicant company has lodged security in such sum as may be determined by the Authority or an equivalent bank... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk163 | n for a stockbroker ’s licence , that the applicant shall carry on business solely on behalf of clients; (g) in the case of an application for a dealer ’s licence , that the applicant shall carry on business solely on the applicant’s own behalf; (gg) in the case of an application for a derivatives broker licences, that... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk164 | ments imposed by the Authority and the relevant securities exchange , derivatives exchange or any self-regulatory organization ; and (b) pays an admission fee which has been approved by the Authority . (3) A securities broker, a derivatives broker or a dealer whose license is revoked under section 26 , shall cease to b... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk165 | o. 26 of 2025 , s. 2 . (6) Deleted by Act No. 26 of 2025 , s. 2 . (7) Deleted by Act No. 26 of 2025 , s. 2 . ( Act No. 14 of 1991 , Act No. 10 of 1994 , s. 5, Act No. 3 of 2000 , s. 21, Act No. 2 of 2002 , Sch., Act No. 9 of 2007 , s. 51, Act No. 8 of 2008 , s. 56, Act No. 10 of 2010 , s. 49, Act No. 37 of 2011 , s. 11... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk166 | ct. (2) The promoters of a collective investment scheme that is proposed to be formed, may apply to the Authority for consent to register a collective investment scheme upon complying with the requirements prescribed under this Act. (3) Where the Authority grants its consent under subsection (2) , the promoters of the ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk167 | d incorporation documents and such other information or documents as may be stipulated by the Authority ; and (c) an application in the prescribed form for registration as a collective investment scheme accompanied by the prescribed fee. (4) If the Authority is satisfied that the applicant has complied with all the req... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk168 | o have been incorporated as a collective investment scheme with variable capital, notwithstanding the provisions of the Companies Act ( Cap. 486 ). (6) Notwithstanding the requirements of subsection (1) , any person whom immediately before the commencement of this Act was carrying on business as an investment company w... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk169 | tment company shall be subject to all the provisions of this Act except the requirement as to registration. (8) No registered collective investment scheme shall, in or outside Kenya, offer its shares to the public unless prior to such offer , it publishes in writing an information memorandum signed by or on behalf of i... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk170 | cles of association or information memorandum , a mutual fund shall be a body corporate with perpetual succession and a common seal and shall be capable, in its corporate name, of doing and performing all things and acts which may lawfully be done by a body corporate. [ Act No. 3 of 2000 , s. 22, Act No. 48 of 2013 , s... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk171 | nother person to make an offer under paragraph (a) . (2) An offer of securities to the public (a "public offer ") includes an offer to any section of the public in Kenya, however selected. (3) An offer shall not be considered as a public offer if— (a) the offer is not calculated to result, directly or indirectly, in th... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk172 | er or offeror has submitted a prospectus in respect of that offer to the Authority for approval. (5) The Authority may, from time to time, exempt an offer from the requirements of this section. (6) The Authority may impose different requirements in relation to a prospectus and ongoing disclosure in respect of a restric... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk173 | d to sophisticated investors; or (b) directly communicated to a prescribed category and number of persons, submit a short-form prospectus to the Authority for approval. [ Act No. 48 of 2013 , s. 24.] 30C. Filing of information notice An issuer or offeror shall file an information notice with the Authority — (a) in resp... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk174 | ase of any issue or offer exempted from issuing a prospectus or a short-form prospectus, except in respect of asset-backed securities . [ Act No. 48 of 2013 , s. 24.] 30D. Criminal liability for a defective prospectus (1) A person who— (a) makes a false, misleading or deceptive statement in a prospectus; or (b) omits i... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk175 | to a fine not exceeding thirty million shillings. (2) It shall be a defence in proceedings against a person in respect of an offence committed under subsection (1) , to prove that— (a) the statement was immaterial; or (b) he or she had reasonable grounds to believe and did, up to the time of the issue of the prospectu... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk176 | ctus is published; and (ii) each person who has given his consent to be named and is so named in the prospectus as a director or has agreed to become a director of that body corporate either immediately or at a future time; (c) each person who accepts, and is stated in the prospectus or supplementary prospectus as acce... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk177 | dy corporate at the time when the prospectus or supplementary prospectus is published; and (f) each person not falling within paragraphs (a) to (e) who has authorized the contents of, or of any part of, the prospectus or supplementary prospectus. (2) Any person to whom subsection (1) applies shall be jointly and severa... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk178 | this Act to be included. (3) Notwithstanding the provisions of subsection (2) , a person shall not be responsible for a prospectus or a supplementary prospectus— (a) under subsection (1)(a) or (b) , unless the issuer has made or authorized the offer in relation to which the prospectus or supplementary prospectus is pub... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk179 | ed without his knowledge or consent. (4) A person shall, where he or she has accepted responsibility for, or authorized only part of the contents of a prospectus, be liable under paragraph (1)(d) or (g) only for that part if it is included or substantially included in the form and context in which that person has agree... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk180 | any event not later than the end of the next working day, of any information relating to the issuer and its subsidiaries which— (a) is necessary to enable them appraise the financial position and the state of corporate governance of the issuer and its subsidiaries; (b) is necessary to avoid the establishment of a false... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk181 | mmits an offence. [ Act No. 48 of 2013 , s. 24.] 30G. Power of the Authority to issue directions to issuers The Authority may, if it appears to it that— (a) it is desirable to protect members, other than holders of securities or investors in asset backed securities or other listed securities ; (b) a listed company is i... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk182 | hority with false, inaccurate or misleading information; (f) there is a breach of the listing agreement in respect of any other securities ; (g) an issuer or other obligated party has furnished the Authority with false, inaccurate or misleading information; or (h) an issuer or offeror has contravened or is about to con... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk183 | onsider necessary. [ Act No. 48 of 2013 , s. 24.] 30GA. Form of report books, records and internal accounting directives (1) Every issuer of securities , licensed and approved persons shall devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that transactions are rec... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk184 | ional Financial Reporting Standards. (3) An officer or director of an issuer, a licensed or an approved person or any other person acting under the direction thereof, shall not take any action to mislead an auditor engaged in the performance of an audit or review of the financial statements of that issuer, licensed or ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk185 | y notes but does not include shares or entitlements under a collective investment scheme ; (b) any rights or interests, debentures or certificates evidencing the legal, equitable or beneficial interest or entitlement of its holder to a share of the assets of a special purpose vehicle or to entitlement to payment from s... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk186 | rescribed to be asset backed securities; "asset” means any asset or property whether moveable or immoveable, tangible or intangible, financial, or non-financial, including any rights, benefits or entitlements sold, transferred or to be transferred or assigned by an originator or seller to special purpose vehicle or ori... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk187 | f or in respect of the special purpose vehicle or the securitisation transaction and anything else prescribed to be an asset; "issuer or offeror" means an originator or seller of assets to a securitisation trust , any securitisation arranger and transaction adviser but not does not include a trustee ; "limited investor... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk188 | y may prescribe. "limited restricted offer" means an issue or offer made only to a limited investor ; "obligor" means any person having an obligation to make payment in relation to or in connection with the assets sold, transferred or assigned to a special purpose vehicle and may, where permitted by law, include person... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk189 | e sale, transfer or assignment of assets to the trustee for the purpose of establishing or maintaining the operation of the securitisation trust or in accordance with the transaction documents; "offering memorandum” means any a notice, circular, material, advertisement, publication or other invitation offering for subs... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk190 | vehicle and may, where the context permits, include a seller of the assets; "qualified investor” in relation to asset backed securities , means— (a) any originator or seller of the assets of the securitisation trust ; (b) any professional investor; (c) a bank; (d) an insurance company ; (e) a pension fund or a retirem... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk191 | es any subsequent review, update or modification; "restricted offer" means an issue or offer made only to a qualified investor; "securitisation arranger” means a person, who is appointed by the trustee under section 30O from amongst persons who are not employees of the originator or seller or who are acting solely in t... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk192 | ties ; "securitisation manager” means any person appointed by a trustee under section 30N to assist in the administration of assets, the management or operation of the securitisation transaction; "securitisation transaction” means a transaction which involves offer or issue of asset backed securities to any investor ot... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk193 | l or any arrangements, necessary or desirable to provide any structural or credit support or manage risks or other arrangements to operate or give effect to the securitisation transaction or issue or offer of asset backed securities ; "securitisation trust" means a trust settled, formed or established to act as a speci... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk194 | n functions of the cash flow of the securitised assets; (b) the ongoing relationship with any obligor ; (c) the provision of service to obligors; (d) cash management; (e) collection and remission of funds to the trustee ; or (f) the conduct such other activities as are specified in the transaction documents, and includ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk195 | t deed subject to the laws under which asset backed securities are issued; "transaction document” means a trust deed and any other documents prescribed to be transaction documents; "trustee" means a person appointed under the trust deed as a trustee of the securitisation trust and any successor; "unrestricted offer" me... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk196 | to the public or to restricted investors, except in accordance with this Act. (2) A person shall not act as an originator, seller, issuer, securitisation arranger, transaction adviser, trustee , securitisation manager or servicer of asset backed securities except in accordance with this Act. (3) A person shall not act... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk197 | d security unless it is made in accordance with a prospectus or an offering memorandum. (6) The Authority may prescribe the contents of a prospectus or offering memorandum taking into consideration on the classification of the issue or offer and the nature of the assets backing the securities or such other factors that... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk198 | or otherwise acquiring or underwriting any asset backed securities , or if he or she invites another person to make such an offer . (9) A person who contravenes any provisions of this section commits an offence. [ Act No. 48 of 2013 , s. 24.] 30J. Form of asset backed securities to be offered (1) Asset backed securiti... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk199 | A person may issue or offer different classes or tranches of asset-backed securities reflecting beneficial entitlements with differing rights including priorities of payments from the income or capital of the trust or distribution of assets or voting entitlements and provision may be made for a beneficiary to be entit... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk200 | ich an issue or offer of asset backed securities is made; (c) be capable of being legally originated, sold, transferred or assigned; and (d) comply with any requirements imposed under this Act. [ Act No. 48 of 2013 , s. 24.] 30L. Origination of assets for sale, transfer or assignment (1) Subject to such requirements th... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk201 | constitutes a true sale according to the laws of Kenya in relation to the particular type of asset, the laws governing the transaction or the jurisdiction or location of the assets. (2) Assets may be transferred to a securitisation trust by more than one seller or originator: Provided that— (a) the sale, transfer or as... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk202 | capital relief be provided by any other regulator. (3) The sale, transfer or assignment in relation to a specific asset or a specific securitisation transaction under subsection (1) shall, subject to such conditions as the Authority may impose, be a legal and not an equitable sale, transfer or assignment of the asset ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk203 | stees (1) The Authority may, from time to time, prescribe the qualifications of a person to be appointed as a trustee . (2) A trustee shall— (a) be the custodian of the assets of a securitisation trust ; (b) manage the operation of the securitisation trust and the securitisation transaction in a fiduciary capacity, to ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk204 | beneficiaries of the securitisation trust may consider appropriate. (4) Except as specifically provided for in the trust deed, and to the extent that the trust deed relates to the implementation and operation of the securitisation trust and securitisation transaction, the preservation of assets and fulfilment by the tr... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk205 | stee in the event the trustee is declared insolvent, wound up, placed under administration, dissolved, amalgamated or restructured. (6) A trust deed shall contain such information, including the roles and duties of a trustee , as the Authority may prescribe. (7) A trustee shall, in addition to such other duties and obl... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk206 | mentation. (2) A securitisation manager shall assist the trustee with the operation and management of the securitisation transaction and assets. (3) A securitisation manager shall not operate to reduce or alleviate any obligor , seller, servicer or trustee of any of its obligations under the trust deed, the transaction... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk207 | 30O. Securitisation arranger (1) A trustee may appoint a securitisation arranger in accordance with the transaction documentation. (2) An issuer shall, where a trustee has not appointed a securitisation arranger, be liable to investors in the asset backed securities for— (a) all matters relating to the structure, cond... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk208 | servicers. (2) Subject to the provisions of this Act, a seller or an originator may be appointed to act as a servicer . (3) Where— (a) the trustee does not appoint a servicer appointed; or (b) the servicer retires or has been removed, the trustee or securitisation manager appointed by the trustee shall carry out the f... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk209 | uritisation trust ; and (b) provide access to obligor , files and other documents, records data, systems, software, documentation and personnel information that the trustee or any auditor may require to fulfil its obligations under the securitisation trust transaction. [ Act No. 48 of 2013 , s. 24.] 30Q. Classification... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk210 | no issue or offer of asset backed securities shall be made to a person who is not the originator or seller of the assets or a qualified investor or limited investor unless the requirements of this Act in relation to unrestricted offers or the conversion to an unrestricted offer have been complied with. (3) Subject to ... | {
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https://new.kenyalaw.org/akn/ke/act/1989/17/eng@2025-12-11##chunk211 | s satisfied that there is a binding listing arrangement in respect of the offer with a securities exchange . (5) Unrestricted issue or offer of asset backed securities may be made together with a restricted issue or offer or a limited restricted offer of asset backed securities : Provided that where more than one categ... | {
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